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Proving Our Worth PROVING OUR WORTH The Kingsbury PLC | Annual Report 2017/18 PROVING OUR WORTH As we conclude our fifth year of operations, at The Kingsbury PLC, we look back on all that we have achieved. Within a short span of time, The Kingsbury has gained a leading position in the hospitality sector, widely acclaimed as a destination of choice both locally and across the world. Although the year has been a challenging one, as we go forward, we are confident of being on the right track for lasting success. We know that our creativity, commitment and vision for the future will help us to build on our strong foundations, proving our true worth today, as we seek even greater value creation for our loyal stakeholders in the years that lie ahead. The Kingsbury PLC 2 Annual Report 2017/18 ABOUT US Bejeweled as one of the finest five-star Colombo hotels located in-between Galle Face Green, the World Trade Centre and the Dutch Hospital Precinct, we welcome you to The Kingsbury Colombo. With easy access for shopping, entertainment and your business needs, we will ensure your stay is perfect and your experiences are complete. The Kingsbury PLC is renowned across the globe as a shining benchmark in the hospitality industry. With its distinctive style, elegance and sophistication, The Kingsbury is considered the destination of choice by all who visit the city of Colombo. thekingsburyhotel.com 3 The Kingsbury PLC LOCATION Centrally located in Colombo’s busy city hub, and easily accessible to the ever- expanding Port City, The Kingsbury is a haven for travellers, tourists and local visitors alike. Situated in close proximity to the central business district, the hotel ideally located to cater to the needs of every guest who ventures within. 4 Annual Report 2017/18 CONTENTS Operational Highlights .............................................................6 Financial Highlights ...............................................................7 Five years at a Glance ..............................................................8 Chairman’s Review ...............................................................10 Managing Director’s Review ......................................................14 Board of Directors ................................................................18 Corporate Governance ............................................................23 Risk Management ................................................................35 Environment & Social Responsibility Report. .39 Annual Report of the Directors on the Affairs of the Company .....................42 Statement of Directors’ Responsibilities ...........................................45 Related Party Transactions Review Committee Report .............................46 Audit Committee Report ..........................................................47 Independent Auditors’ Report .....................................................50 Statement of Profit or Loss ........................................................54 Statement of Comprehensive Income ..............................................55 Statement of Financial Position ...................................................56 Statement of Changes in Equity ...................................................57 Statement of Cash Flows ..........................................................58 Notes to the Financial Statements ................................................59 Information to Shareholders ......................................................98 Five Year Financial Summary and Key Indicators ................................100 Notice of Meeting ...............................................................102 Form of Proxy ..................................................................103 Corporate Structure ............................................................. IBC 5 The Kingsbury PLC OPERATIONAL HIGHLIGHTS Here at The Kingsbury, the numerous awards and accolades we receive year on year, and our consistent operational performance are testament to our achievement in the field of hospitality. Occupancy 64% Composition of Corporate & Leisure Guests 40% No of Guest 60% World Luxury Restaurant World Luxury Restaurant World Luxury Restaurant 56,313 Awards Awards Awards “Harbour Court” “Harbour Court” “The Ocean Seafood Corporate Eclecic/ International Luxury Hotel Restaurant Restaurant” Leisure Guests Cusine Country Winner Luxury Seafood Regional Winner South Sri Lanka Restaurant West Asia Regional Winner South West Asia Composition of Food & Beverage Covers 73% Food and Beverage Municipal Council of Colombo High achievement award for Excellence in Sustainability Culinary Services for Chef Kithsiri Silva (2017) 27% 706,499 High achievement award for Excellence in Hotel Housekeeping for Mr. Daminda Jayawardena (2017) Best hotel in Food Safety Excellence award (2017) Outlet Banquets 6 Annual Report 2017/18 FINANCIAL HIGHLIGHTS During the year despite intense competition, The Kingsbury maintained its performance, continuing to prove our worth in a complex business environment. Year ended 31 March 2018 2017 Change Revenue Rs. Mn % 13/14 2,143 Earnings Highlights and Ratios 14/15 2,336 Revenue (Rs. '000) 2,986,492 2,964,822 1 15/16 2,616 Earnings Before Interest & Tax (EBIT) (Rs. '000) 277,842 559,645 (50) 16/17 2,965 Profit Before Tax (PBT) (Rs. '000) 187,929 425,016 (56) 17/18 2,986 Profit After Tax (PAT) (Rs. '000) 139,154 380,346 (63) Earnings Per Share (Basic) (Rs.) 0.58 1.57 (63) Return on Capital Employed % 6.12 11.88 (48) Return on Assets % 4.14 9.02 (54) Net Profit Gross Profit Margin % 48.70 53.69 (9) Rs. Mn 13/14 32 Financial Position Highlights and Ratios 14/15 291 Shareholders Fund (Rs. '000) 2,533,880 2,390,553 6 15/16 293 Total Assets (Rs. '000) 4,536,467 4,710,701 (4) 16/17 380 Total Debt (Rs. '000) 1,257,972 1,510,856 17 17/18 139 Return on Equity % 7.42 17.78 (58) Gearing % 32.70 37.96 (14) Debt/Equity % 49.65 63.20 (21) Net Assets Per Share (Rs.) 10.47 9.88 6 Shareholders funds and Quick Asset Ratio No. of Times 0.45 0.66 (32) Market Capitalisation Rs. Mn Equity Asset Ratio No. of Times 0.56 0.51 10 13/14 1,671 Current Ratio No. of Times 0.51 0.73 (30) 3,098 1,963 14/15 3,872 2,182 Market/Shareholder Information 15/16 3,630 2,391 Market Value ( Year ended) (Rs.) 18.00 15.50 16 16/17 3,751 Market Capitalisation (Rs. '000) 4,356,000 3,751,000 16 2,534 17/18 4,356 Price Earnings Ratio No. of Times 31.30 9.86 >100 Shareholders Funds Market Capitalisation 7 The Kingsbury PLC FIVE YEARS AT A GLANCE In as little as five years of operation, The Kingsbury has made strides in the hospitality industry, establishing itself as an icon over time. The hotel has become an essential part of the city skyline, bringing true meaning to our ethos: forever timeless. A timeless icon of excellence Situated at the heart of the Our people, our greatest asset commercial capital Winning global acclaim A trendsetter in the hospitality industry 8 Annual Report 2017/18 A lasting commitment to the people Sumptuous eclectic cuisine An enduring future Luxurious accommodation and A unique sense of elegance and timeless grandeur sophistication 9 The Kingsbury PLC CHAIRMAN’S MESSAGE We are proud to have achieved all this and more by concentrating on our core differentiators of luxurious facilities and excellent customer services which ensure that we stand out from the rest. A. M. Pandithage Chairman 10 Annual Report 2017/18 Dear Shareholder, We consider the year under review expected to be operational by the second We consider the year I am pleased to present the Annual to be a year of consolidation, where quarter of 2018/19 and is expected to we focussed on efficiency and cost position Colombo as an entertainment under review to be a Report and the Financial Statements for year of consolidation, the year ended 31st March 2018. management without compromising hub in the South Asian region. We our high levels of customer services also refurbished the poolside area and where we focussed The end of the financial year 2017/18 and facilities including the provision of restaurant and rebranded it as the Honey on efficiency and cost also saw five years of successful luxurious amenities for our guests. The Beach Club to cater to a new market management without operations of the Kingsbury Hotel post main aim of the year was to drive sales segment. rebranding amidst ever challenging and increase occupancy levels which fell compromising our market conditions. We have become below that of expectations. While, the Kingsbury continued to receive high high levels of customer synonymous with providing our guests tourist arrivals growth was restricted ratings from online sites such as Trip services. unparalleled luxury and an exceptional to 3.2% in 2017, which negatively Advisor and were reviewed positively service leading to being recognised as a impacted Colombo-based 5-star hotels. by our guests. Further, the Hotel also under review. Attracting guests from foremost hospitality brand in Sri Lanka. This is due to emerging competition received many awards for our services, other regions of the world such as the The Kingsbury Hotel has received many in the non-graded accommodation. To quality F&B and housekeeping during Middle East for both leisure and business awards from recognised international, further accelerate this situation, the the year under review as showcased on as well as for special events through regional and local awarding bodies for Hotel was also affected negatively in page 6 of this annual report. MICE shall be areas which
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